Fortescue share price shrugs off ASX 200 rout to leap higher on Monday

The Fortescue Metals Group Limited (ASX: FMG) share price is well and truly in the green on Monday despite the broader market’s suffering.

The S&P/ASX 200 Index (ASX: XJO) is down 1.52% at the time of writing following a tough Friday on Wall Street.

Fortunately, the Fortescue share price isn’t partaking in the market’s tumble. Instead, it’s up 1.96%, trading at $17.65.

So, what might be buoying the ASX 200 iron ore giant above a sea of red today? Let’s take a look.

Fortescue share price leads the ASX 200

The Fortescue share price is outperforming, along with many of the company’s peers in the S&P/ASX 200 Materials Index (ASX: XMJ).

The iron ore favourite is leading the ASX 200 at the time of writing. In second position is Sims Ltd (ASX: SGM) shares, posting a 1.48% gain, while Iluka Resources Limited (ASX: ILU) stock is the index’s third-best performer, gaining 1.39%.

It comes as little surprise, then, that the materials sector is one of the ASX 200’s best-performing sectors today. It’s fallen 0.98% right now.

Meanwhile, the broader market appears to be taking its lead from Wall Street, which tumbled amid the release of strong employment data on Friday. Such strength will likely see the Federal Reserve continue hiking rates.

The Dow Jones Industrial Average Index (DJX: .DJI) fell 2.1% in the final session of last week. Meanwhile the S&P 500 Index (SP: .INX) plunged 2.8% and the Nasdaq Composite Index (NASDAQ: .IXIC) tumbled 3.8%.

Sadly, the Fortescue share price still has a way to go before it reaches the green for 2022. The stock has dumped 10% since the start of this year.

Though, it’s still 18% higher than it was this time last year.

Meanwhile, the ASX 200 has fallen 12% year to date and 9% over the last 12 months.

The post Fortescue share price shrugs off ASX 200 rout to leap higher on Monday appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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